how to protect loss in account?
hello friends...i want to know.....how to protect loss in account?Can any one explain me properly.
You cannot stop "loosing trades". But u can slow this process or lower ur loss by good risk management and money management.
For example, small lot size, tight SL, avoiding over-aggression and etc.
The good or ill of a man lies within his own will. – Epictetus
Try practicing on demo first as much as u can. It will help a lot in improving market reading skills. Start with small investment and try to trade manually. Make a strategy and follow it strictly.
Originally posted by forexmetal2015hello friends...i want to know.....how to protect loss in account?Can any one explain me properly.
First and main thing is ur trading strategy. If it is good then u need good money and risk management measures.
Very easy but just one quality is required. If u can successfully predict forex market moves then u can protect ur account from losses. If u cannot then there is NO way to protect ur account from losses.
So the simple answer is u have to increase ur winning percentage in order to overcome ur losses.
There r countless articles written on it. You can minimze ur loss by proper risk and money management. Try to practice, on demo, as much as u can. If u have a full time job or u r a full time student then dun give too much time to trading. It will cause stress which will eventually cause loss.
Stick to your rules
We simply need to stick to same plan that we have gained from instead of worrying. Losses are part of business and there is no need of any unique move or protection policy. But, it’s all about learning from mistakes and that’s possible when we work with proper way and method, it’s easier with company like OctaFX who are awesome with their rebate program where I get 50% back on all trades even if it’s lost, so that really helps with working and is in one way a protection.
Most important thing in my view is having a reliable and trustworthy broker. As if our broker is not good then we are never protected. So it is very important for us to work on these things in order to gain through consistently.
You can not avoid loss in forex but still you can minimize your loss if you have good trading plan.